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First Reliance Bancshares Reports Third Quarter 2025 Results
FLORENCE, S.C., Oct. 24, 2025 /PRNewswire/ -- First Reliance Bancshares, Inc. (OTC:FSRL), the holding company for First Reliance Bank (collectively, "First Reliance" or the "Company"), today announced its financial results for the third quarter of 2025.
Third Quarter 2025 Highlights
- Net income increased 48.8% for the third quarter of 2025 to $2.7 million, or $0.33 per diluted share, compared to $1.8 million, or $0.22 per diluted share, for the third quarter of 2024. For the nine months ended September 30, 2025, net income totaled $8.0 million, or $0.96 per diluted share, compared to $5.0 million, or $0.61 per diluted share for the same period in 2024. Operating earnings (Non-GAAP) increased 39.2% for the third quarter of 2025 to $2.7 million, or $0.33 per diluted share, compared to $2.0 million, or $0.24 per diluted share, for the third quarter of 2024. For the nine months ended September 30, 2025, operating earnings (Non-GAAP) totaled $6.6 million or $0.79 per diluted share, compared to $5.1 million, or $0.63 per diluted share, for the comparable period of 2024.
- Book value per share increased $1.44, or 14.4%, from $9.98 per share at September 30, 2024, to $11.42 per share at September 30, 2025. Tangible book value per share (Non-GAAP) increased $1.44, or 14.6%, from $9.89 per share at September 30, 2024, to $11.33 per share at September 30, 2025.
- Net interest income for the third quarter of 2025 was $9.5 million, which represents an increase of $1.3 million, or 16.7%, compared to the same quarter one year ago. Compared to the second quarter of 2025, the increase was $344,000, or 3.8%.
- Net interest margin increased during the third quarter of 2025 to 3.66%, compared to 3.53% in the second quarter of 2025, and increased 39 basis points compared to the third quarter of 2024.
- The third quarter of 2025 efficiency ratio improved to 69.61% down from 76.90% one year ago. The adjusted efficiency ratio (Non-GAAP) improved from 72.82% in the third quarter of 2024 to 69.61% in the third quarter of 2025.
- Total loans held for investment decreased $4.8 million, or 2.4% annualized, to $780.0 million at September 30, 2025, from $784.7 million at June 30, 2025. This decrease was the result of the decline in the loan portfolio associated with the North Carolina branches (deposits and locations sold in the second quarter of 2025), which totaled approximately $9.8 million.
- Total deposits increased $9.0 million, or 3.8% annualized, to $959.3 million at September 30, 2025, from $950.3 million at June 30, 2025.
- Asset quality remains strong. Nonperforming assets increased to $369 thousand, or 0.03% of total assets at September 30, 2025, compared to $205 thousand, or 0.02% of total assets at June 30, 2025. This increase was related to one mortgage loan that is fully collateralized.
- In June 2025, the Company's Board approved a stock repurchase program authorizing the purchase of up to $3.0 million of outstanding common stock through expiration of the program on June 30, 2026. The repurchase program does not obligate the Company to purchase any particular number of shares and may be modified or terminated by the Company's Board of Directors at any time. During the third quarter of 2025, the Company repurchased 122,316 shares at a weighted-average cost per share of $9.71.
Rick Saunders, Chief Executive Officer, commented, "Operating earnings per share improved 22%, in the third quarter of 2025, from the second quarter of 2025. Our net interest margin increased 13 basis points and our adjusted efficiency ratio improved to 69.6%. Tangible book value per share grew by $1.44 per share over the past year to $11.33, an increase of 14.6%. We grew deposit balances by $9.0 million, or 3.8% annualized. Loan growth remained muted in the third quarter of 2025, primarily from the loans paid down and paid off associated with the sale of the North Carolina branches. Credit quality remains strong with low nonperforming assets and low net charge offs. Our return on average tangible equity was 10.83% thus far in 2025, excluding nonrecurring items. Our bankers and teams are executing high quality service for our customers through relationship banking throughout our markets in South Carolina."
| Financial Summary | |||||||||
| | |||||||||
| | Three Months Ended | | Nine Months Ended | ||||||
| | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | | Sep 30 | | Sep 30 |
| ($ in thousands, except per share data) | 2025 | 2025 | 2025 | 2024 | 2024 | | 2025 | | 2024 |
| Earnings: | | | | | | | | | |
| Net income available to common shareholders | $ 2,714 | $ 3,653 | $ 1,613 | $ 918 | $ 1,825 | | $ 7,980 | | $ 5,005 |
| Operating earnings (Non-GAAP) | 2,714 | 2,248 | 1,665 | 1,698 | 1,950 | | 6,627 | | 5,130 |
| Earnings per common share, diluted (GAAP) | 0.33 | 0.44 | 0.19 | 0.11 | 0.22 | | 0.96 | | 0.61 |
| Operating earnings per common share, diluted (Non-GAAP) | 0.33 | 0.27 | 0.20 | 0.21 | 0.24 | | 0.79 | | 0.63 |
| Total revenue(1) | 12,238 | 13,920 | 11,158 | 9,809 | 9,855 | | 37,316 | | 29,771 |
| Net interest margin | 3.66 % | 3.53 % | 3.49 % | 3.38 % | 3.27 % | | 3.58 % | | 3.20 % |
| Return on average assets(2) | 0.99 % | 1.32 % | 0.59 % | 0.35 % | 0.69 % | | 0.97 % | | 0.65 % |
| Return on average assets - Operating Non-GAAP(2) | 0.99 % | 0.81 % | 0.61 % | 0.64 % | 0.74 % | | 0.81 % | | 0.66 % |
| Return on average equity(2) | 12.55 % | 17.84 % | 8.15 % | 4.66 % | 9.60 % | | 12.93 % | | 9.16 % |
| Return on average equity - Operating Non-GAAP(2) | 12.55 % | 10.98 % | 8.41 % | 8.62 % | 10.26 % | | 10.74 % | | 9.39 % |
| Efficiency ratio(3) | 69.61 % | 64.61 % | 75.52 % | 86.42 % | 76.90 % | | 69.51 % | | 77.67 % |
| Adjusted efficiency ratio - Non-GAAP(3) | 69.61 % | 74.03 % | 75.04 % | 78.29 % | 75.66 % | | 72.82 % | | 77.25 % |
| | As of | ||||
| | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 |
| ($ in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 |
| Balance Sheet: | | | | | |
| Total assets | $ 1,097,846 | $ 1,102,203 | $ 1,097,389 | $ 1,067,104 | $ 1,071,480 |
| Total loans receivable | 779,997 | 784,749 | 784,469 | 753,738 | 739,219 |
| Total deposits | 959,300 | 950,339 | 978,667 | 951,411 | 951,948 |
| Total transaction deposits(4) to total deposits | 40.68 % | 39.50 % | 39.46 % | 38.64 % | 38.82 % |
| Loans to deposits | 81.31 % | 82.58 % | 80.16 % | 79.22 % | 77.65 % |
| Bank Capital Ratios: | | | | | |
| Total risk-based capital ratio | 13.58 % | 12.88 % | 12.99 % | 13.48 % | 13.56 % |
| Tier 1 risk-based capital ratio | 12.48 % | 11.84 % | 11.92 % | 12.43 % | 12.51 % |
| Tier 1 leverage ratio | 9.94 % | 9.74 % | 9.80 % | 9.96 % | 9.87 % |
| Common equity tier 1 capital ratio | 12.48 % | 11.84 % | 11.92 % | 12.43 % | 12.51 % |
| Asset Quality Ratios: | | | | | |
| Nonperforming assets as a percentage of | 0.03 % | 0.02 % | 0.09 % | 0.11 % | 0.09 % |
| Allowance for credit losses as a percentage | 1.12 % | 1.09 % | 1.10 % | 1.12 % | 1.13 % |
| Annualized net charge-offs as a percentage | 0.02 % | 0.03 % | 0.08 % | 0.00 % | 0.03 % |
| CONDENSED CONSOLIDATED INCOME STATEMENTS – Unaudited | |||||||
| | |||||||
| | Three Months Ended | Nine Months Ended | |||||
| | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 | Sep 30 | |
| ($ in thousands, except per share data) | 2025 | 2025 | 2025 | 2024 | 2024 | 2025 | 2024 |
| Interest income | | | | | | | |
| Loans | $ 11,842 | $ 11,657 | $ 11,293 | $ 11,053 | $ 10,930 | $ 34,792 | $ 31,761 |
| Investment securities | 2,300 | 2,145 | 2,166 | 2,015 | 1,969 | 6,611 | 5,816 |
| Other interest income | 323 | 505 | 318 | 512 | 623 | 1,146 | 1,333 |
| Total interest income | 14,465 | 14,307 | 13,777 | 13,580 | 13,522 | 42,549 | 38,910 |
| Interest expense | | | | | | | |
| Deposits | 4,536 | 4,703 | 4,468 | 4,613 | 4,833 | 13,707 | 13,817 |
| Other interest expense | 476 | 495 | 544 | 564 | 585 | 1,515 | 2,115 |
| Total interest expense | 5,012 | 5,198 | 5,012 | 5,177 | 5,418 | 15,222 | 15,932 |
| Net interest income | 9,453 | 9,109 | 8,765 | 8,403 | 8,104 | 27,327 | 22,978 |
| Provision for credit (recovery of) losses | 90 | 88 | 707 | 141 | (83) | 885 | 179 |
| Net interest income after provision for credit losses | 9,363 | 9,021 | 8,058 | 8,262 | 8,187 | 26,442 | 22,799 |
| Noninterest income | | | | | | | |
| Mortgage banking income | 1,577 | 1,586 | 1,351 | 1,207 | 805 | 4,514 | 3,596 |
| Service fees on deposit accounts | 412 | 299 | 319 | 327 | 327 | 1,030 | 970 |
| Debit card and other service charges, | 531 | 543 | 529 | 550 | 528 | 1,603 | 1,615 |
| Income from bank owned life insurance | 108 | 104 | 102 | 108 | 105 | 314 | 310 |
| Loss on sale of securities, net | - | - | (182) | (146) | (162) | (182) | (162) |
| Gain on sale of branches | - | 2,313 | - | - | - | 2,313 | - |
| Gain on early extinguishment of debt | - | - | 140 | - | - | 140 | - |
| Gain (loss) on disposal /write down of fixed assets | - | (200) | - | (838) | - | (200) | 20 |
| Other income | 157 | 166 | 134 | 198 | 148 | 457 | 444 |
| Total noninterest income | 2,785 | 4,811 | 2,393 | 1,406 | 1,751 | 9,989 | 6,793 |
| Noninterest expense | | | | | | | |
| Compensation and benefits | 5,431 | 5,574 | 5,281 | 5,028 | 4,682 | 16,286 | 14,253 |
| Occupancy and equipment | 736 | 770 | 791 | 890 | 848 | 2,297 | 2,526 |
| Data processing, technology, and communications | 1,061 | 1,143 | 1,156 | 1,184 | 994 | 3,360 | 3,152 |
| Professional fees | 195 | 248 | 153 | 268 | 265 | 596 | 471 |
| Marketing | 155 | 175 | 123 | 103 | 66 | 453 | 328 |
| Other | 941 | 1,083 | 923 | 1,003 | 723 | 2,947 | 2,393 |
| Total noninterest expense | 8,519 | 8,993 | 8,427 | 8,476 | 7,578 | 25,939 | 23,123 |
| Income before provision for income taxes | 3,629 | 4,839 | 2,024 | 1,192 | 2,360 | 10,492 | 6,469 |
| Income tax expense | 915 | 1,186 | 411 | 273 | 535 | 2,512 | 1,464 |
| Net income available to common shareholders | $ 2,714 | $ 3,653 | $ 1,613 | $ 919 | $ 1,825 | $ 7,980 | $ 5,005 |
| Addback loss on fixed assets, net of tax | - | 151 | - | 646 | - | 151 | - |
| Subtract gain on sale of branches, net of tax | - | (1,746) | - | - | - | (1,746) | - |
| Subtract gain on early extinguishment of debt, net of tax | - | - | (111) | - | - | (111) | - |
| Addback expenses related to branch sale, net of tax | - | 190 | 18 | 21 | - | 208 | - |
| Addback securities losses, net of tax | - | - | 145 | 113 | 125 | 145 | 125 |
| Operating net income (non-GAAP) | 2,714 | 2,248 | 1,665 | 1,699 | 1,950 | 6,627 | 5,130 |
| Weighted average common shares - basic | 7,902 | 7,892 | 7,868 | 7,851 | 7,847 | 7,887 | 7,845 |
| Weighted average common shares - diluted | 8,349 | 8,350 | 8,331 | 8,274 | 8,221 | 8,344 | 8,255 |
| Basic net income per common share* | $ 0.34 | $ 0.46 | $ 0.21 | $ 0.21 | $ 0.23 | $ 1.01 | $ 0.64 |
| Diluted net income per common share* | $ 0.33 | $ 0.44 | $ 0.19 | $ 0.11 | $ 0.22 | $ 0.96 | $ 0.61 |
| Operating basic net income per common share (non-GAAP)* | $ 0.34 | $ 0.28 | $ 0.21 | $ 0.22 | $ 0.25 | $ 0.84 | $ 0.66 |
| Operating diluted net income per common share (non-GAAP)* | $ 0.33 | $ 0.27 | $ 0.20 | $ 0.21 | $ 0.24 | $ 0.79 | $ 0.63 |
| |
| *Note that the sum of the quarter may not equal the YTD result due to rounding of earnings per share each quarter, given the weighted average shares outstanding basic and diluted. |
Footnotes to table located at the end of this release.
Net income for the three months ended September 30, 2025, was $2.7 million, or $0.33 per diluted common share, compared to $1.8 million, or $0.22 per diluted common share, for the three months ended September 30, 2024. Operating net income (Non-GAAP), for the three months ended September 30, 2025, was $2.7 million, or $0.33 per diluted common share, compared to $2.0 million, or $0.24 per diluted common share for the three months ended September 30, 2024. Net income for the nine months ended September 30, 2025, totaled $8.0 million, or $0.96 per diluted common share, compared to $5.0 million, or $0.61 per diluted common share for the comparable period of 2024. On an operating basis, diluted EPS (Non-GAAP) was $0.79 per diluted common share, for the nine months ended September 30, 2025, which includes adding back the impact of securities losses, net of tax, the impact of fixed asset write downs, net of tax, and the impact of expenses related to the branch sales, net of tax, offset by subtracting the gain recognized on the sale of branches, net of tax and the gain from the early extinguishment of debt, net of tax, compared to $0.63 per diluted common share, for the nine months ended September 30, 2024.
Noninterest income, for the three months ended September 30, 2025, was $2.8 million, an increase of $1.0 million from $1.8 million for the same period in 2024. Noninterest income was primarily driven by mortgage banking income and totaled $1.6 million in the third quarter of 2025 compared to $805 thousand in the third quarter of 2024. In addition, all of the other categories of noninterest income increased.
For the nine months ended September 30, 2025, noninterest income increased by $3.2 million, driven by improved mortgage banking income of $918 thousand, gain on sale of branches of $2.3 million, and gain on the early extinguishment of debt of $140 thousand. These improvements were partially offset by the write down of fixed assets of $200 thousand, compared to a $20 thousand gain in the same period of 2024.
Noninterest expense, for the three months ended September 30, 2025, was $8.5 million, an increase of $941 thousand from $7.6 million for the same period in 2024. This increase in expense was primarily driven by an increase in compensation and benefits of $749 thousand due primarily to mortgage commissions, salaries and stock compensation expense, and $218 thousand in other expense primarily associated with costs related ATM and debit card losses, a contract cancellation and receipt of lawsuit settlement in 2024.
Noninterest expense, for the nine months ended September 30, 2025, was $25.9 million and increased $2.8 million from the same period in 2024. This increase in noninterest expense was primarily related to compensation and benefits of $2.0 million attributable to salaries, mortgage commissions and stock compensation expense, an increase in professional fees of $125 thousand related to audit expense associated with FDICIA compliance, an increase in marketing of $125 thousand, and $554 thousand increase in other expense, which includes $336 thousand associated with costs related to the sale of the two branches in North Carolina.
There were no operating adjustments in 3Q 2025.
Operating adjustments – 2Q 2025
During the second quarter of 2025, the Company sold the two North Carolina locations to Carter Bank from Virginia. This sale resulted in a gain of $2.3 million on the deposits assumed by Carter Bank, before expenses. Expenses directly related to the branches sold totaled $252 thousand in the second quarter of 2025. Operating net income reflects the removal of these two items. Total deposits assumed by Carter Bank were $55.9 million. No loans were acquired in this transaction by Carter Bank.
Additionally, the Company wrote down a parcel of land in North Charleston by $200 thousand. This parcel remains for sale. Operating net income reflects the add back of this item, net of tax, totaling $151 thousand.
Operating adjustments - 1Q 2025
During the first quarter of 2025, the Company recorded the following non-recurring transactions:
- Paid off subordinated indebtedness of $1.0 million with $860 thousand, resulting in a pre-tax gain of $140 thousand,
- Recorded pre-tax securities losses of $182 thousand, and
- Recorded pre-tax branch disposal related costs of $23 thousand.
| NET INTEREST INCOME AND MARGIN – Unaudited - QTD | |||||||||||
| | |||||||||||
| | For the Three Months Ended | ||||||||||
| | September 30, 2025 | | June 30, 2025 | | September 30, 2024 | ||||||
| | Average | Income/ | Yield/ | | Average | Income/ | Yield/ | | Average | Income/ | Yield/ |
| ($ in thousands) | Balance | Expense | Rate | | Balance | Expense | Rate | | Balance | Expense | Rate |
| Assets | | | | | | | | | | | |
| Interest-earning assets | | | | | | | | | | | |
| Federal funds sold and interest- | $ 35,237 | $ 296 | 3.33 % | | $ 46,216 | $ 478 | 4.15 % | | $ 50,030 | $ 588 | 4.68 % |
| Investment securities | 193,519 | 2,300 | 4.72 % | | 186,573 | 2,145 | 4.61 % | | 173,728 | 1,969 | 4.51 % |
| Nonmarketable equity securities | 1,795 | 26 | 5.84 % | | 1,665 | 28 | 6.65 % | | 1,509 | 35 | 9.19 % |
| Loans held for sale | 12,381 | 301 | 9.65 % | | 16,269 | 353 | 8.70 % | | 21,629 | 347 | 6.38 % |
| Loans | 780,426 | 11,541 | 5.87 % | | 783,489 | 11,304 | 5.79 % | | 737,666 | 10,583 | 5.71 % |
| Total interest-earning assets | 1,023,358 | 14,465 | 5.61 % | | 1,034,212 | 14,307 | 5.55 % | | 984,562 | 13,522 | 5.46 % |
| Allowance for credit losses | (8,508) | | | | (8,652) | | | | (8,491) | | |
| Noninterest-earning assets | 80,739 | | | | 80,987 | | | | 78,402 | | |
| Total assets | $ 1,095,588 | | | | $ 1,106,547 | | | | $ 1,054,473 | | |
| | | | | | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | | | | | |
| Interest-bearing liabilities | | | | | | | | | | | |
| NOW accounts | $ 123,107 | $ 230 | 0.74 % | | $ 158,726 | $ 242 | 0.61 % | | $ 138,726 | $ 236 | 0.68 % |
| Savings & money market | 410,051 | 2,893 | 2.80 % | | 435,548 | 3,127 | 2.88 % | | 384,155 | 2,941 | 3.05 % |
| Time deposits | 168,116 | 1,413 | 3.33 % | | 158,378 | 1,334 | 3.38 % | | 175,921 | 1,656 | 3.74 % |
| Total interest-bearing deposits | 701,274 | 4,536 | 2.57 % | | 752,652 | 4,703 | 2.51 % | | 698,802 | 4,833 | 2.75 % |
| FHLB advances and other borrowings | 20,652 | 217 | 4.17 % | | 17,913 | 191 | 4.29 % | | 15,979 | 226 | 5.63 % |
| Subordinated debentures | 19,775 | 259 | 5.19 % | | 23,228 | 304 | 5.25 % | | 25,743 | 359 | 5.55 % |
| Total interest-bearing | 741,701 | 5,012 | 2.68 % | | 793,793 | 5,198 | 2.63 % | | 740,524 | 5,418 | 2.91 % |
| Noninterest bearing deposits | 253,702 | | | | 217,979 | | | | 224,121 | | |
| Other liabilities | 13,666 | | | | 12,885 | | | | 13,807 | | |
| Shareholders' equity | 86,519 | | | | 81,890 | | | | 76,021 | | |
| Total liabilities and | $ 1,095,588 | | | | $ 1,106,547 | | | | $ 1,054,473 | | |
| | | | | | | | | | | | |
| Net interest income (tax equivalent) / interest | | $ 9,453 | 2.93 % | | | $ 9,109 | 2.92 % | | | $ 8,104 | 2.55 % |
| Net Interest Margin | | | 3.66 % | | | | 3.53 % | | | | 3.27 % |
| | | | | | | | | | | | |
| Cost of funds, including | | | 2.00 % | | | | 2.06 % | | | | 2.23 % |
Net interest income, for the three months ended September 30, 2025, was $9.5 million compared to $8.1 million for the three months ended September 30, 2024. This increase was the result of an increase in interest income of $943 thousand and a decrease in interest expense of $406 thousand. This resulted in an improved net interest margin to 3.66% from 3.27% one year ago. Loans and securities had the largest gains in income and in yields compared to the prior year, partially offset by interest- bearing cash and fed funds sold and nonmarketable equity securities. While lower yields in all categories of interest-bearing liabilities, except NOW accounts, contributed to the improved net interest margin. In addition, the total cost of funds, including noninterest-bearing deposits, decreased to 2.00% in the third quarter of 2025, compared to 2.23% in the third quarter of 2024.
| NET INTEREST INCOME AND MARGIN – Unaudited - YTD | |||||||
| | |||||||
| | For the Nine Months Ended | ||||||
| | September 30, 2025 | | September 30, 2024 | ||||
| | Average | Income/ | Yield/ | | Average | Income/ | Yield/ |
| (dollars in thousands) | Balance | Expense | Rate | | Balance | Expense | Rate |
| Assets | | | | | | | |
| Interest-earning assets | | | | | | | |
| Federal funds sold and interest-bearing deposits | $ 37,905 | $ 1,066 | 3.76 % | | $ 36,339 | $ 1,233 | 4.53 % |
| Investment securities | 186,815 | 6,611 | 4.73 % | | 170,643 | 5,816 | 4.55 % |
| Nonmarketable equity securities | 1,716 | 80 | 6.24 % | | 1,897 | 100 | 7.02 % |
| Loans held for sale | 16,065 | 1,018 | 8.47 % | | 20,563 | 1,047 | 6.80 % |
| Loans | 777,837 | 33,774 | 5.81 % | | 728,337 | 30,714 | 5.63 % |
| Total interest-earning assets | 1,020,339 | 42,549 | 5.58 % | | 957,779 | 38,910 | 5.43 % |
| Allowance for credit losses | (8,564) | | | | (8,464) | | |
| Noninterest-earning assets | 80,756 | | | | 79,272 | | |
| Total assets | $ 1,092,531 | | | | $ 1,028,587 | | |
| | | | | | | | |
| Liabilities and Shareholders' Equity | | | | | | | |
| Interest-bearing liabilities | | | | | | | |
| NOW accounts | $ 142,638 | $ 702 | 0.66 % | | $ 140,904 | $ 774 | 0.73 % |
| Savings & money market | 421,621 | 8,892 | 2.82 % | | 362,942 | 8,097 | 2.98 % |
| Time deposits | 161,259 | 4,113 | 3.41 % | | 176,586 | 4,946 | 3.74 % |
| Total interest-bearing deposits | 725,518 | 13,707 | 2.53 % | | 680,432 | 13,817 | 2.71 % |
| FHLB advances and other borrowings | 19,407 | 622 | 4.28 % | | 24,322 | 1,019 | 5.59 % |
| Subordinated debentures | 22,649 | 893 | 5.27 % | | 25,735 | 1,096 | 5.69 % |
| Total interest-bearing liabilities | 767,574 | 15,222 | 2.65 % | | 730,489 | 15,932 | 2.91 % |
| Noninterest bearing deposits | 229,737 | | | | 211,620 | | |
| Other liabilities | 12,922 | | | | 13,639 | | |
| Shareholders' equity | 82,298 | | | | 72,839 | | |
| Total liabilities and shareholders' equity | $ 1,092,531 | | | | $ 1,028,587 | | |
| | | | | | | | |
| Net interest income (tax equivalent) / interest | | $ 27,327 | 2.93 % | | | $ 22,978 | 2.52 % |
| Net Interest Margin | | | 3.58 % | | | | 3.20 % |
| | | | | | | | |
| Cost of funds, including noninterest bearing deposits | | | 2.04 % | | | | 2.26 % |
Net interest income for the nine months ended September 30, 2025, totaled $27.3 million compared to $23.0 million for the nine months ended September 30, 2024, an increase of $4.3 million. The net interest margin was 3.58% for the first nine months of 2025 compared to 3.20% for the same period in 2024. The yield on interest-earning assets improved by 14 basis points to 5.57%, led by loans and investment securities. Yields on all interest-bearing liabilities have also declined in all categories, with total yield on interest-bearing liabilities declining by 26 basis points. The total cost of funds, including noninterest-bearing deposits was 2.04% compared to 2.26% in 2024.
| CONDENSED CONSOLIDATED BALANCE SHEETS – Unaudited | |||||
| | |||||
| | As of | ||||
| | Sep 30 | Jun 30 | Mar 31 | Dec 31 | Sep 30 |
| ($ in thousands) | 2025 | 2025 | 2025 | 2024 | 2024 |
| Assets | | | | | |
| Cash and cash equivalents: | | | | | |
| Cash and due from banks | $ 5,072 | $ 4,066 | $ 5,011 | $ 4,604 | $ 4,730 |
| Interest-bearing deposits with banks | 26,695 | 29,487 | 32,922 | 42,623 | 61,934 |
| Total cash and cash equivalents | 31,767 | 33,553 | 37,933 | 47,227 | 66,664 |
| Investment securities: | | | | | |
| Investment securities available for sale | 199,674 | 194,136 | 181,596 | 175,846 | 177,641 |
| Other investments | 1,527 | 2,497 | 950 | 886 | 883 |
| Total investment securities | 201,201 | 196,633 | 182,546 | 176,732 | 178,524 |
| Mortgage loans held for sale | 13,336 | 14,944 | 22,424 | 20,974 | 19,929 |
| Loans receivable: | | | | | |
| Loans | 779,997 | 784,749 | 784,469 | 753,738 | 739,219 |
| Less allowance for credit losses | (8,741) | (8,535) | (8,654) | (8,434) | (8,317) |
| Loans receivable, net | 771,256 | 776,214 Für dich aus unserer Redaktion zusammengestelltHinweis: ARIVA.DE veröffentlicht in dieser Rubrik Analysen, Kolumnen und Nachrichten aus verschiedenen Quellen. Die ARIVA.DE AG ist nicht verantwortlich für Inhalte, die erkennbar von Dritten in den „News“-Bereich dieser Webseite eingestellt worden sind, und macht sich diese nicht zu Eigen. Diese Inhalte sind insbesondere durch eine entsprechende „von“-Kennzeichnung unterhalb der Artikelüberschrift und/oder durch den Link „Um den vollständigen Artikel zu lesen, klicken Sie bitte hier.“ erkennbar; verantwortlich für diese Inhalte ist allein der genannte Dritte. Weitere Artikel des AutorsThemen im Trend | |||